By Piyush Gupta
The phrase “life, liberty, and the pursuit of happiness” from the Declaration of Independence holds profound significance for Americans. Since 1776, this promise has been extended to millions of immigrants worldwide. In 2023 alone, 56,000 individuals of Indian origin embraced these values by becoming U.S. citizens. The words of the founding fathers are believed to apply universally, transcending race, creed, ethnicity, or background.
In the United States, Indians enjoy the same liberties as Americans and often find more opportunities than elsewhere. Many believe that immigrating was not only the right decision but perhaps the best one they ever made. With limitless potential, Indians often find favorable odds in America. They are highly regarded for their expertise in STEM fields and are increasingly seen as ideal leaders in major U.S. corporations. An inside joke in corporate America humorously asks, “Can we ever have a CEO who’s not of Indian origin?”
Immigrating to the United States
The allure of opportunities in America continues to attract Indians, whose numbers steadily grow. For Indian professionals, the H1B visa remains a popular immigration route. Annually, 65,000 H1B visas are issued, and in 2023, Indians received 72.3% of them.
Most H1B visa holders aspire to obtain a green card, granting them the freedom to work anywhere and travel freely. However, the lengthy wait for a green card through this route is legendary, with many remaining tethered to employers and facing travel restrictions for years, if not decades.
Increasingly, many Indians are opting for the EB-5 investor visa to immigrate to the U.S. Unlike the H1B visa, which targets skilled professionals, the EB-5 visa offers investors a direct path to permanent residency. Furthermore, the passage of the EB-5 Reform and Integrity Act (RIA) of 2022 introduced Set-Aside visa categories for EB-5 investors, expediting petition processing. This reform represents a significant shift in how immigration pathways can be navigated, offering a more streamlined approach for those willing to invest in the U.S. economy and eventually obtain a green card.
Advantages of Set-Aside Visas
The RIA established three Set-Aside visa categories: 20% for investments in rural areas, 10% for high-unemployment area projects, and 2% for infrastructure projects. These reserved quotas, combined with priority processing for rural Targeted Employment Areas (TEA), significantly accelerate EB-5 petitions for rural projects. This prioritization ensures that investors can secure their visas more quickly, reducing the uncertainty and stress associated with prolonged waiting periods.
Another advantage of the Set-Aside visa category is the reduced investment requirement. Rural and urban TEAs qualify for a lower investment amount of USD 800,000, compared to the standard USD 1,050,000. For Indian investors seeking the best opportunities for themselves and their families, the Set-Aside visa categories within the EB-5 program present an exceptional opportunity. This reduction in financial threshold makes the program more accessible to a broader range of investors, enabling more individuals to take advantage of this pathway to U.S. residency.
EB-5 Set-Aside Visas: A Solution to Visa Backlogs
Visa backlogs currently affect over one million Indians, including dependents, waiting for professional visas in the U.S. Many face decades-long waits for a green card, leading to significant personal and familial challenges. Without green cards, individuals face travel restrictions and higher tuition rates for their children, as many states require out-of-state tuition for children of professional visa holders. The EB-5 Set-Aside visas offer a viable solution to these challenges, providing a faster track to residency and alleviating some of the burdens associated with long waiting times.
Secures Principal Capital, Freedom to Start Business
Investments in EB-5 programs are managed through regional centers, ensuring safety. These centers pool capital from multiple immigrant investors and use indirect job creation models to meet the requirement of creating at least 10 jobs for U.S. citizens. This structure not only secures the principal capital but also contributes positively to the U.S. economy by fostering job creation and economic development.
The EB-5 investor program is particularly appealing to Indian entrepreneurs, offering the freedom to start and manage businesses without being tied to employers. By launching their enterprises, investors can create jobs for themselves and others. This entrepreneurial freedom is a significant draw for many investors, allowing them to pursue their business ambitions while securing their future in the U.S.
There are numerous successful EB-5 ventures across the U.S., such as Saltaire St. Petersburg in Florida and Kindred Resort at Keystone in Colorado. These projects secured principal amounts, created the necessary jobs, and set investors on the path to obtaining a U.S. Green Card, enabling them and their families to achieve their American Dream. These examples illustrate the tangible benefits and successes that can be achieved through the EB-5 program, highlighting its potential as a powerful tool for both personal and economic growth.
Conclusion
Navigating the U.S. immigration system is complex and personal. However, alternative pathways like the EB-5 Investor Program, especially following the EB-5 Reform and Integrity Act (RIA) of 2022, offer a viable route to U.S. permanent residency, providing greater control and stability for immigrant investors.
As prospective immigrants evaluate their options, it is crucial to carefully weigh the benefits and challenges of each pathway to make informed decisions that align with their personal and professional goals. The EB-5 program stands out as a promising option, offering a blend of opportunity, security, and flexibility for those ready to invest in their future in the United States.
(Author is Vice President, India and Middle East, CanAm Enterprises)
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Publish date : 2024-11-01 20:37:00
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